Foreclosures and Renters: What Are Your Rights?
When you hear about foreclosures on the news or read about foreclosures in the newspaper, you will see that most of the attention is placed on the homeowner in trouble. Unfortunately, it seems as if renters have simply just been forgotten. That doesn’t, however, mean that they are exempt from foreclosure related evictions. If you are a tenant of a rental property, foreclosure should be a concerned of yours.
The most common fear of renters is coming home to a sign on the door stating that they must be out within twenty-four hours. Typically, this will not happen. Many states have laws that are designed to prevent this from happening. Although it does vary, depending on the state, banks are usually required to post foreclosure notices on the building within twenty days. These are notices that you should be able to spot.
Foreclosure Houston – Homes for Sale – Buying During a Recession
Reader’s Question:
My husband and I have been saving up for years to buy our own house. We’re looking at the Houston area, is this a good time to buy a foreclosure house in Houston?
Janice
Tyler, TX
Good question. In this particular point in the country’s economic time a home buyer, to real estate agents, is akin to a rock star. It’s a buyers market out there now, so this is a good time to purchase Houston homes for sale. You’ll be getting offers left and right and would be in a position to take advantage of the lowest house prices in the market. You are a valuable commodity and Houston realtors should be all over you for your business.
Houston is a great place to live in. It’s a thriving metropolis with lots of beautiful neighborhoods and plenty of job opportunities (relatively speaking.) However, I’d imagine that even Houston is not immune to the recession so most Houston home prices are still falling. So you have house market prices going for you. Do keep in mind though that even if this seems to be a good time to be a home buyer (and a hell of a hard time to sell a house) that you still need to make sure that the house you will be purchasing is a good buy.
Location should be your first priority. Find a neighborhood with good vicinity to your work and other places like hospitals and schools if you have a family. Also make sure that you check out the house and assess all possible needed repairs. No one is really expecting the current economic downtrend to last for more than five years. Getting a good house now will increase in value quite handsomely once the economy picks up. Good luck and happy house buying!
Choosing the Right Foreclosure Houston Property
Reader’s Question:
My husband and I are scouting for a new or foreclosure home, and we need some advice on choosing the right property to invest our money on here in Texas. Which one is better: a newer house in an older neighborhood, or an updated house in a more modern neighborhood? Can anyone help us here?
Kirsten
Houston, TX
Choosing the right property to invest your money on there in Texas is not a very easy task since we are speaking of long-term commitment here. Investing on properties, such as a house, should entail meticulous inspection of not just the house but also the neighborhood of the house.
Now, to answer your question, before purchasing a house, you should have a very clear image in your mind of what your goals are. If you are just gunning for the resale value of the house, the house in the older neighborhood is a wise decision only if it doesn’t cost too much for that neighborhood. Otherwise, you’re better off with the one in the newer neighborhood, even if the house already has everything that you need. It is only better to choose the house in the older neighborhood if it just costs around the same price range as the others. You have to remember that when looking for the best house to invest on, you have to consider the price in relation to the local neighborhood and not in relation to that of other neighborhoods.
Another thing you have to consider is the progress of the neighborhood. If it is a neighborhood that is not on the decline and has been improving through time, that is all well as long as you do not overpay for these improvements.
But in the end, the most important thing that you should take into account is the needs of your family. Your house should be considered a home for your family. So, you better choose the one which offers the greatest comfort and safety for you and your family.
Houston Texas Foreclosure Real Estate Property
Reader’s Question:
I agreed to buy another foreclosure real state property here in Houston, TX about a week ago. And now, as awful as it sounds, I’ve changed my mind. How do I cancel?
Phil
Houston, TX
Hey there, Phil. Situations like these can be really sticky. The answer is usually not the one you’re expecting. To find the answer to your question, you would have to review your contract (the assumption is there is already a contract). We have to look at the legal side of things. The contract is the legal agreement with the seller. Most contracts have provisions that allow for the cancellation of the sale. Listed there would be the acceptable reasons for the cancellation. If your contract contains these details, then it’s well and good. However, if your reason for canceling the real estate sale is not one of the listed reasons in the contract, there may be consequences. You might need to think things over. Please keep in mind that while you were preparing to close the sale, the seller might have already made changes influenced by the “sale.” The real estate property in question might have been removed from the market already and the seller has decided to enter a contract with a real estate property seller to buy another house. Your cancellation might affect several processes (sales and purchases) that are dependent on the fulfillment of your obligation. Ultimately, you may have to consult an attorney there in Houston, TX, as this may have legal consequences.
Foreclosure Houston Texas Real Estate Rates
Reader’s Question:
Hello everyone. I’m planning to sell my house. How can I find out about the value of my house? The neighboring houses are not comparable to my house so I can’t really base my real estate price on theirs. Does anyone know what the current foreclosure rates are for the area, I hate to think that will happen to me but it could.
Hoover
Houston, TX
Hello there, Hoover. Well, usually, in getting the value of your house, you need to know the general value of the houses in your area, the real estate value of your location. If you think that your house in Houston, TX (you forgot to mention the exact area) is worth more than your neighbor’s house, then you might want to reconsider that. Homes maintain their good value if the neighboring houses are similarly valued, too. You don’t just sell the house; you sell the neighborhood, as well.
To really know the selling value of your house, you may want to consult a realtor, several realtors if possible, in fact. Get their opinions, discuss things and come up with a consensus. I won’t be able to give you any ballpark figure as I don’t exactly know how your neighborhood is or why your house is not comparable to your neighbor’s house. If you have made several improvements to your house over the years and you think it has improved its selling price, again, you still have to consider the overall real estate value of your location.
So, my best advice is: go ask realtors. Their quotations would not really vary too much, and then you’ll have a ballpark figure of the worth of your property.
Tags: car insurance cost, Houston Real Estate
How to Sell Your Pre Foreclosure Home Fast
This report will show you the tricks and secrets you must know if you need a fast property sale of your property.
Selling property can be one of the most stressful things you will ever do. 90% of people sell through an estate agent so this must be the way to go right?
Well, it depends on time pressure you are under. When selling through an estate agent you will normally have to go through these stages:
1. You need to pay for and complete any renovation and refurbishment necessary (2-3 weeks)
2. You will need to conduct multiple viewings (4 to 8 weeks)
3. If your estate agent finds you a buyer, you will need to wait a few months for the buyer to arrange a mortgage (8 to 14 weeks)
4. If the buyer is in a chain, you will need to wait for their home to sell before yours can be purchase (2-3 ..
Why Investing In Houston Commercial Real Estate Foreclosures Is Risky Business
If you are one of those forward thinking people out there that are trying to capitalize on the recent down turn in the real estate market, then you probably have been looking into foreclosures as a fast way to make a buck. For home foreclosure listings this can most definitely be the case, but a commercial real estate foreclosure offers a bit more of a challenge.
Why A Commercial Real Estate Foreclosure Is Risky
There are several factors that make investing in a commercial real estate foreclosure very risky. The first reason is that when you compare commercial real estate and home real estate you really are looking at two completely different categories of property ownership. In residential real estate, primarily it is used as a home and not a place of business. In commercial real estate, it is wholly dedicated to business. Now ..
Choosing The Right Home Foreclosure Listing To Go See
Many people are taking advantage of the current housing crisis to make investments that they hope will reap big profits. If you have the money to do this, it may be worth the risk. You just have to be prepared to hold the property for an extended period of time, until the housing market returns to profitable levels. You will need a comprehensive home foreclosure listing to aid you in finding possible investment properties. You can even subscribe to a home foreclosure listing service to ensure that you always have the most up to date information
It may be worth your while to hire a real estate agent who can prescreen potential properties from the home foreclosure listing to fine tune your search. Someone with experience and skill in the real estate game can save you valuable time and money in the long run. The ..
Houston Foreclosures – Visit an Auction Or Use a Realtor?
By Doug E Smith
I’m sure you’re aware of the real estate and foreclosure crisis going on in the United States. Because of this, there is an excess of homes on the market. Obviously some properties will be run down in unappealing neighborhoods as usual, but what’s different this time is the surprisingly increasing number of well kept and even executive style properties that are up for sale for pennies on the dollar.
There are some great values out there but in order to take advantage of them you should first be aware of both the advantages and disadvantages of buying a foreclosed home at a government auction versus the conventional method using a Realtor.
Here are some advantages to purchasing a foreclosed or pre-foreclosed home:
- Price is the number one reason to purchase a foreclosure.
- Many homes are in good condition for much less than their market value.
- Variety and selection ..
Source: government auctions
Reverse Mortgages For Senior Citizens
by Lee Beattie
If you are a senior and have trouble living on your fixed income then you may need to consider utilizing a reverse mortgage to help with the ever growing cost of living. If you are like nearly all individuals living on a fixed income because the prices of food and gas are making it increasingly difficult to enjoy the life style you projected for during your retirement. Many are considering acquiring a part time job to help with cost only this can have a negative impact on your social security income and your tax returns as you may end up owing taxes at the end of the year.
With reverse mortgages nonetheless you can get access to extra money and it will not negatively touch your current financial situation. This type of mortgage is easy to qualify for and can help get you back to living in the style ..